Benefits and Rewards

Since 2002 we have given over $53.8 million in cash to Interior Savings members through our Member Rewards program. This program is unique in our industry and we are proud to offer it to our loyal members. In 2016, we gave back approximately $2.8 million of our profits through Member Rewards.

How to view your Member Rewards Expand/Collapse

How much did you earn banking with Interior Savings in 2015? You can log in to your account or check your March 2016 month-end statement to find out if you qualified.

 

 

 


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How Member Rewards are paid Expand/Collapse

Member Rewards are paid towards the following products:

  • Patronage Rewards
    Deposited in your Member Rewards Account
  • Tax Free Savings Rewards
    Deposited in your Tax Free Savings Account*
  • Registered Savings Plan Rewards
    Deposited in your Registered Savings Plan*
  • Share Dividends
    Deposited in your Member Rewards or Shares Account¥
  • Registered Share Dividends
    Deposited in your Registered Savings Plan*

*These funds are tax sheltered.
¥ Membership Equity share dividends are deposited in the Shares Account.

How you qualify for Member Rewards Expand/Collapse

Did you know you have the power to increase your Member Rewards eligibility?  The more business you conduct with Interior Savings, the higher your potential reward. This year the average qualifying member received $108, just for doing their banking at Interior Savings.

If video is more your style, click here to watch a fun video about how you can make the Member Rewards program work for you.

Your eligibility is based on two criteria: your Funds under Administration (FUA), which is the sum of all your deposits, loans, and non-registered mutual funds; and the number of products you have. Here’s a quick explanation of how the program works.

For personal accounts:

  • have $2,500 average monthly non-registered FUA and 3 or more unique products, or
  • have $100,000 average monthly non-registered FUA and 2 unique products, or
  • for members 18-24 only, have $500 average monthly non-registered FUA and 2 unique products

For business accounts:

  • have $10,000 average monthly FUA and 3 or more unique products, or
  • have $100,000 average monthly FUA and 2 unique products

Dividends:

You also receive a dividend payment on your shares. This year we paid dividends as follows:

  • 0.50% dividend on non-equity shares
  • 2.70% dividend on membership equity shares
  • 2.70% dividend on investment equity shares

Registered deposits are rewarded separately from the standard program. The balances are still included, but to address taxation complexities, a portion of the Member Rewards pool was set aside to give a 12.5 basis point reward on registered balances that total over $10,000.

 

Income Tax on Member Rewards:

Income Tax box has been deducted from your Member Rewards payment. Payments under the Member Rewards program constitute "patronage" allocations as described in Section 135 of the Income Tax Act. The Canada Revenue Agency (CRA) requires us to withhold and remit 15% tax on any amount over $100. The allocations and tax will be reported on T4A slips, which will be mailed to you in early 2017. Even though the amount is reported to you on a T4A, it is possible that a portion of it is non-taxable. The CRA addresses this in their Interpretation Bulletin 362R, found on the CRA website at www.cra-arc.gc.ca. If you have questions or concerns on how this impacts your tax return, please consult your tax advisor.

The Million Dollar Bursary Program Expand/Collapse

In 2013, we introduced a new component of our Member Rewards program - the Million Dollar Bursary. This program will help support high school students graduating in our communities and their plans for post-secondary education.

Interior Savings will provide up to 1,000 post-secondary bursaries per year, valued at $1,000 each. Learn more.

Want to qualify for more Member Rewards? Expand/Collapse

To learn more about how you can increase your eligibility, visit your nearest branch or contact our Member Service Centre.

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